Letter to Customers

Dear Customer,

Today Oracle announced our agreement to buy Portal Software, a leading global provider of billing and revenue management solutions for the communications and media industry. We expect the transaction to close in June 2006, subject to regulatory and other approvals. Until such time, each company will continue to operate independently. We would like to take this opportunity to pledge our continued commitment to the success of your business and outline the benefits this transaction will deliver, once completed.

We currently supply technology and applications to over 90% of communications companies worldwide, and 17 of the top 20 most profitable communications companies run Oracle Applications. Additionally, Oracle’s Siebel Telecom applications have become the standard for telco call centers and customer care. Oracle Database 10g is the leading relational database and TimesTen is the most widely used in-memory database for the communications industry. Oracle Fusion Middleware is the fastest growing service delivery platform for next generation networks using network independent standards.

Portal offers the only billing and revenue management solution with a modern, object-oriented architecture built on Oracle that can bill and manage all communications services including wireline, wireless, broadband, cable, voice over IP, IPTV, music, and video. As communications, publishing, media, and entertainment services converge, Oracle can support companies with a proven offering for billing, customer interaction, and management of digital services and content. Together, we plan to deliver the first end-to-end packaged enterprise software suite for the communications and media industry.

The combination is expected to provide communications service providers with the following benefits:

Advanced insight and care of customers: Maximizes the joining of billing data with subscriber profile and other data for a real-time 360-degree view of the customer. This maximizes subscriber lifetime value and increases service profitability with targeted cross/up-selling.

Improved revenue management: Customers can now avoid revenue leakage across end-to-end transactions and increase visibility and auditability of key business processes. The integrated Oracle and Portal solution will allow customers to proactively manage enterprise finances, cost effectively bill for services, and utilize best practices to manage customer revenues and profitability.

Speeds time to market of new services and dramatically lowers costs: Lengthy and manually intensive product, price, and bundle management can be streamlined and automated. A single view of customers, products, and services will allow providers to rapidly introduce innovative services and gradually move away from costly, legacy-intensive product management.

Backed by a single global vendor: Customers will benefit from Oracle’s global 24x7 distribution and support network, with the backing of 7,000 support service personnel, 14,000 software developers, and access to more than 16,000 partners.

Protection of investments: Customers’ investments in Portal applications are planned to be supported and protected by Oracle as the billing and revenue management standard for the combined companies.

Please join me along with Dave Labuda and Bhaskar Gorti from Portal for a customer and partner conference call about the combination on Thursday, April 13, 2006 at 7:30 a.m. PDT. Call-in details and other information about the transaction can be found at oracle.com/portalsoftware.

Sincerely,

Charles Phillips President, Oracle

The above is for informational purposes only and may not be incorporated into a contract.

THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY PORTAL SOFTWARE'S COMMON STOCK WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT ORACLE CORPORATION INTENDS TO FILE. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS WILL BE ABLE TO OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER FREE AT THE SEC'S WEB SITE AT WWW.SEC.GOV OR FROM ORACLE CORPORATION.